Dynavax Technologies Corp. (DVAX) Announces Worldwide Strategic Alliance, Share Price Skyrockets Over 400%
Yesterday, very few investors even knew about Dynavax Technologies Corp., but today the company received much attention after announcing a worldwide strategic alliance with GlaxoSmithKline (NYSE: GSK) to discover, develop and commercialize novel inhibitors of endosomal Toll-like Receptors (TLRs) to treat immuno-inflammatory diseases. As of Wednesday afternoon, the stock is up approximately 458% on 8.7 million traded shares. Through the alliance, Dynavax will receive $10 million from GSK for the exchange of an exclusive option over four programs targeting autoimmune and inflammatory diseases such as lupus, psoriasis, and rheumatoid arthritis. According to the press release, Dynavax can receive future potential…